Kentucky Senate Bill 97 (Prior Session Legislation)

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Completed Legislative Action
Spectrum: Partisan Bill (Republican 2-0)
Status: Passed on April 13 2016 - 100% progression
Action: 2016-04-13 - signed by Governor (Acts, ch. 129)
Text: Latest bill text (Draft #3) [PDF]

Amend provisions of Subtitle 8 of KRS Chapter 286 relating to registration and licensing of persons engaged in mortgage lending to delete the requirement for registration of mortgage loan processors who are directed and supervised by a mortgage loan originator, but retain registration requirements for mortgage loan processors who engage in the mortgage lending process as an independent contractor and require registration of underwriters who engage in the mortgage lending process as an independent contractor; amend KRS 286.8-034 to delete the requirement that the commissioner provide a duplicate copy of a license to a licensee for a fee of $10; create a new section of Subtitle 8 of KRS Chapter 286 to prohibit a mortgage loan processor or underwriter from indication that he or she can or will perform any activities of a mortgage loan originator or underwriter if he or she is not registered or authorized to act as a mortgage loan originator; amend KRS 286.8-250 to delete the requirement that a mortgage loan broker prominently display the license certificate at his or her physical location; amend KRS 286.8-255 to delete the requirement that the commissioner provide a duplicate copy of a registration to a registrant for a fee of $10; amend KRS 286.8-260 to reduce from 4 hours to 1 hour per year the required number of hours of continuing education for registrants on the requirements of Subtitle 8 of KRS chapter 286 and of KRS 360.100 relating to the state's legal interest rate; amend KRS 286.8-255 to require mortgage loan originators to grant access to any records of which the originator has actual or constructive possession or control, rather than possession or control, to the commissioner or the commissioner's examiner, and to require a supervising mortgage loan company or broker to perform an employee background check prior to hiring a mortgage loan processor and provide proof to the commissioner.

AN ACT relating to mortgage loans.

Sen. Ralph Alvarado [R]

Sen. Jared Carpenter [R]

Date	Chamber	Action
2016-04-13	Senate	signed by Governor (Acts, ch. 129)
2016-04-01	Senate	delivered to Governor
2016-04-01	Senate	enrolled, signed by Speaker of the House
2016-03-29	Senate	enrolled, signed by President of the Senate
2016-03-29	Senate	passed 38-0
2016-03-29	Senate	Senate concurred in House Committee Substitute (1)
2016-03-29	Senate	posted for passage for concurrence in House Committee Substitute (1)
2016-03-25	Senate	received in Senate
2016-03-24	House	3rd reading, passed 96-0 with Committee Substitute (1)
2016-03-23	House	posted for passage in the Consent Orders of the Day for Thursday, March 24, 2016
2016-03-23	House	2nd reading, to Rules
2016-03-22	House	reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1)
2016-03-11	House	posted in committee
2016-02-29	House	to Banking & Insurance (H)
2016-02-26	House	received in House
2016-02-25	Senate	3rd reading, passed 36-1 with Committee Substitute (1)
2016-02-24	Senate	posted for passage in the Consent Orders of the Day for Thursday, February 25, 2016
2016-02-24	Senate	2nd reading, to Rules
2016-02-23	Senate	reported favorably, 1st reading, to Consent Calendar with Committee Substitute (1)
2016-01-19	Senate	to Licensing, Occupations, & Administrative Regulations (S)
2016-01-14	Senate	introduced in Senate

Type	Source
Summary	http://www.lrc.ky.gov/record/16RS/SB97.htm
Text	http://www.lrc.ky.gov/record/16RS/SB97/bill.pdf
Amendment	http://www.lrc.ky.gov/record/16RS/SB97/SCS1.pdf
Amendment	http://www.lrc.ky.gov/record/16RS/SB97/HCS1.pdf
Supplement	http://www.lrc.ky.gov/record/16RS/SB97/vote_history.pdf